XP Power shares surge on possible takeover offer from Advanced Energy
21/05/2024 09:53
May 21 (Reuters) - Shares in XP Power XPP.L surged as
much as 50% on Tuesday after Colorado-based Advanced Energy
Industries revealed a 468 million pound ($594.7 million)
possible all-cash offer for the power converter solutions
provider, which was rejected.
Shares in Singapore-based XP Power hit their highest level
in more than 10 months at 1,750p, and the stock was the top
percentage gainer on the FTSE Small Cap .FTSC index.
The 19.50 pence-per-share conditional, indicative proposal
represents a premium of about 68% to the XP stock's Monday
closing price.
This marks the third proposal from Advanced Energy for the
London-listed firm over the last seven months.
($1 = 0.7869 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Devika Syamnath)
((abyjose.koilparambil@thomsonreuters.com))